MAM
Post-Covid outlook for India’s creative economy
Mumbai: The pandemic has shaken the spine of economies across the world, and the Indian economy was no different. The impact is well analysed and measured by several studies, but ‘Taking the Temperature’ research is a first-of-its-kind, landmark longitudinal report on the impact of the Covid-19 pandemic on India’s creative economy.
The British Council, FICCI, and Art X Company have jointly launched the third edition of the report at the Jaipur Literature Festival (JLF).
Released against the backdrop of Asia’s largest literature festival, JLF, the report transcends the literature sector, and for the first time, offers a quantitative mapping of India’s creative economy and culture sector – in the organised and unorganised sectors – across literature, crafts, festivals, performing arts and other art forms. The final edition is a series of three reports, and a culmination of 18 months of mapping the sector.
The research tracks the longitudinal impact of the pandemic on India’s creative and culture industry and identifies a way ahead in a systematic and sustainable roadmap for recovery. The pioneering research is a first-of-its-kind, the extensive report outlines the monetary size and scale of the creative economy and contribution of the culture industries to the national GDP and wealth creation in India.
On this, FICCI creative and cultural industries co-chair Sanjoy Roy said, “The TTT report on the creative sector underlies the vital nature and impact of this sector and its potential in creating jobs, contributing to local economies and creating a platform to realise one’s full potential.”
The British Council works with the Indian stakeholders to strengthen India’s creative economy and create sustained livelihoods for Indian creative professionals. The report, in collaboration with FICCI and The Art X Company, underlines the British Council’s aim to gather credible information and insights that can enable businesses and governments to make effective and well-informed decisions about public and private investment in the creative sector.
Key findings of the report:
India’s creative economy reduced to Rs 30,440 crore GDP in 2021 from Rs 50,000 crore GDP in 2020, pre-Covid.
There was a 39 per cent recession in creative industries to Rs 30,440 crore in 2021.
50 per cent of creative sectors reported 51 per cent or more loss in annual revenue in the financial year 2020-2021.
89 per cent of creative sectors in TTT2 and 82 per cent in TTT 3 have confirmed the pandemic impacted their income.
49 per cent of creative sectors have not been able to keep creative businesses and artistic programmes running in the financial year 2020-2021.
94 per cent of arts sectors are now operating in ‘digital only’ or ‘hybrid’ models.
27 per cent of the sector is generating income through digital platforms with only eight per cent running physical programmes.
In view of the findings and the feedback from the creative industry workforce and stakeholders, the report makes the following recommendations:
Establish a cross-government creative economy Task Force from the 14 ministries that have a mandate for arts and culture in India.
Government emergency grant-in-aid for MSMEs.
A comprehensive national skills campaign across urban and rural geographies for creative MSMEs in digital and technological skills, business development, marketing, and communication capacity.
Establish sector-specific management, self-help groups and management organisations, and city-wide enterprise zones and clusters.
Establish arms-length bodies (ALBs) to strengthen and invest in arts and culture through a partnership of public and private investors.
Embed tax coding of the creative industries in the formal economy through the Goods and Services Tax (GST) council.
British Council India director – arts Jonathan Kennedy said, “Since the onset of Covid-19, we’ve dedicated our research to understanding the impact of the pandemic on India’s creative and culture economy with FICCI, Art X Company, and Smart Cube.”
The final report makes practical recommendations for the short and long-term recovery of creative sectors and livelihoods. While our first two reports measured the impact of the pandemic on the incomes of the professionals and culture organisations, the third edition offers a definitive mapping of the scale and significance of the creative economy in India, added Kennedy.
“There could not have been a better platform than the Jaipur Literature Festival to announce the report and we hope the insights from the report trigger much-needed conversations amongst stakeholders. We hope recommendations for recovery of the creative economy will be implemented through governance, infrastructure development and India’s enduring self-reliance,” he said.
The Art X Company founder-director Rashmi Dhanwani said, “This final leg of the Taking the Temperature survey underscores the hard journey that the cultural sector in India has been on. Not only has the sector lost more than 50 per cent of its income, its performance has also affected India’s GDP growth. Besides the economic impact, the loss of lives and livelihoods that the pandemic has caused begs an urgent intervention – India’s culture sector needs a voice and demands urgent regulatory frameworks to safeguard this vital part of India’s identity.”
Brands
Pre-seed funding fuels nailinit, India’s new-age nail care brand
Gruhas Collective Consumer Fund backs Gen Z-focused beauty startup
MUMBAI: nailinit, a community-first nail care startup targeting Gen Z and millennials, has raised Rs 2.5 to Rs 3 crore in a pre-seed round led by Gruhas Collective Consumer Fund and Marsshot VC, alongside a clutch of consumer, technology and operator angels.
Backed by entrepreneur and investor Nikhil Kamath, Gruhas Collective Consumer Fund is betting on nailinit’s attempt to give India’s nail care aisle a long overdue makeover. The fresh capital will be used to deepen distribution across quick commerce and D2C channels, build its community engine, and accelerate product innovation in a category that is high frequency but still light on strong brands.
Founded by Tanishq Ambegaokar and Shubham Singhal, nailinit is positioning itself at the crossroads of beauty, self-expression and culture. The brand wants nails to be more than a finishing touch. It sees them as a canvas for identity, content and commerce.
“At nailinit, we are building for a generation that sees beauty as self-expression, not just routine,” said Ambegaokar. “The nail category in India has largely been underserved by strong brands. This capital allows us to invest in product depth, community and distribution in a thoughtful and long-term way.”
Singhal added that while the brand’s tone may be playful, its operating focus is sharp. “This round strengthens our supply chain, expands our digital footprint and enables disciplined execution as we scale.”
The funding round drew notable angels including Shashank Kumar of Razorpay, Arjit Johri of Marsshot VC, Yash Jain, formerly of NimbusPost, Karan Jindal of Meta, Jivraj Singh Sachar of ISV Capital, Nishank Jain of Accel, Yashvardhan Kanoi, Ashwarya Garg of HYPD, Venus Dhuria of Phot.AI and Amishi Parasrampuria of The Whole Truth.
Gruhas Collective Consumer Fund fund manager Gauri Kuchhal, believes the opportunity lies in shifting habits. “Nail care remains underpenetrated in India, with consumers relying on time-intensive salon visits. As convenience and self-expression gain ground, press-on nails can unlock more frequent and experimental usage. Nailinit is well-placed to expand beyond press-ons into adjacent categories.”
The brand is currently the only nail care player in India blending product-led retail with a dedicated kiosk at Jio World Drive in Bandra, where customers can walk in for services while discovering the range. It has also built early traction across quick commerce platforms such as Zepto and Blinkit, with a launch on Instamart in the pipeline, and is available on Amazon, strengthening its omnichannel presence.
In a space long dominated by salon chairs and scattered labels, nailinit is attempting to file, shape and polish the category into something sharper. With fresh funding in hand, the startup is setting out to prove that in beauty, small details can make a bold statement.
